rongsheng biz price

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Rongsheng Business Hotel (Fuzhou Taijiang) is near the following attractions: 吾樓劇本推理社(Approximately 7m), Banyan of Eighteen Scholars(Approximately 333m), 福州市體育館(Approximately 378m).

SHANGHAI, March 5 (Reuters) - China Rongsheng said it had scrapped a warrant issue that would have given the heavily indebted shipbuilder a HK$3 billion ($416 million) cash lifeline after it was unable to contact the offer’s only subscriber.

Rongsheng’s shares fell as much as 8.1 percent in early Thursday trade, after it said it would no longer issue HK$510 million worth of warrants to Kingwin Victory Investment Ltd, a Cayman Islands-incorporated investment firm.

In a stock exchange filing, Rongsheng said it had scrapped the issue as it could not contact Kingwin’s owner Wang Ping after media reports said he had been detained by the Beijing police for matters not related to Rongsheng.

“The company has no information as to the details of the incident and has been unable to contact Mr. Wang Ping, which casts doubt over the ability of the subscriber to perform its obligations,” Rongsheng said.

Rongsheng, one of China’s largest shipbuilders, was gearing to move into oil exploration and change its name after becoming one of the most prolific casualties of the global shipping slump. It came close to insolvency in 2013 before agreeing with banks to extend its loans until the end of this year.

The warrant issue that Rongsheng had agreed with Kingwin in October would have entitled subscribers to buy up to 1.7 billion new shares at HK$1.60 each.

This would have raised about HK$3.23 billion for Rongsheng, the firm said at the time. A warrant entitles the holder to buy stock from the issuer at a specific price within a time frame. ($1 = 7.7552 Hong Kong dollars) (Reporting by Brenda Goh; Editing by Miral Fahmy)

(Bloomberg) — China Rongsheng Heavy Industries Group Holdings Ltd., which hasn’t announced any 2012 ship orders, may find winning deals even harder as a company owned by its billionaire chairman faces an insider-trading probe.

Rongsheng, based in Shanghai, has tumbled 87 percent since a November 2010 initial public offering because of concerns about delivery delays and a global slump in ship orders caused by a glut of vessels. The shipbuilder, which operates facilities in Jiangsu and Anhui provinces, also said yesterday that first- half profit probably dropped “significantly” because of falling prices and slowing orders.

The probe won’t affect day-to-day operations run by Chief Executive Officer Chen Qiang, as Chairman Zhang only has a non- executive role, Rongsheng said in a statement yesterday. Zhang wasn’t available for comment yesterday, according to Doris Chung, public relations manager at Glorious Property Holdings Ltd., a developer he controls.

Chen isn’t aware of Zhang’s personal business dealings and he has no plans to leave Rongsheng, he said yesterday by text message in reply to Bloomberg News questions. The CEO may help reassure potential customers as he is well-known among shipowners, said Lawrence Li, an analyst at UOB Kay Hian Holdings Ltd.

Zhang owns 46 percent of Rongsheng and 64 percent of Glorious Property, according to data compiled by Bloomberg. The developer dropped 1.7 percent to close at HK$1.16 in Hong Kong today after falling 11 percent yesterday. Zhang’s listed holdings are worth about $1.2 billion, according to data compiled by Bloomberg.

Zhang, who holds a Master’s of Business Administration degree from Asia Macau International Open University, started in building materials and construction subcontracting before getting into real estate. Construction of his first project, in Shanghai, began in 1996, according to Glorious Property’s IPO prospectus. He got into shipbuilding after discussing the idea with Chen at a Shanghai Young Entrepreneurs’ Association event in 2001, according to Rongsheng’s sale document. He formed the company that grew into Rongsheng three years later.

“People in his hometown think Zhang is a legend as he expanded two companies in different sectors so quickly,” said Ji Fenghua, chairman of Nantong Mingde Group, a shipyard located next to Rongsheng’s facility in Nantong city, Jiangsu province. The billionaire maintains a low profile, said Ji, who has never seen him at meetings organized by the local government.

Rongsheng raised HK$14 billion in its 2010 IPO, selling shares at HK$8 each. The company’s market value has fallen by about $6.1 billion to $1 billion, based on data compiled by Bloomberg.

Rongsheng, which also makes engines and excavators, had outstanding orders for 98 ships as of June 2012, according to Clarkson. It employed 7,046 people at the end of last year, according to its annual report. The shipbuilder has built a pipe-laying vessel for Cnooc and it has a strategic cooperation agreement with the energy company.

Looking for a place to spend a night after a long walk around the city? Hotel «Rongsheng Business Hotel (Fuzhou Taijiang)» is located in Mawei. This hotel is located in 23 km from the city center.

Vale"s Murilo Ferreira traveled over the weekend to China for the first time as chief executive to attend the launch ceremony at the shipyard of China Rongsheng Heavy Industries in Nantong.

"Choosing China Rongsheng as the first destination of his first China visit, the new chief executive and Vale demonstrated strong faith in long-term cooperation between the two groups," said China Rongsheng in a statement.

China Rongsheng has a contract to build at least 16 of them, with the remainder to be built by Korean shipbuilder Daewoo Shipbuilding & Marine Engineering.

Guangdong Rongsheng Electric Holding Co., Ltd. is a professional home appliance supplier, such as deep fryers, meat slicers, disinfection cabinets, range hoods, gas burners, water heaters, rice cookers, induction cookers, fans and sinks. We integrate design, production and manufacture as a whole, and always provide clients with favorable prices, high quality products as well as the best service.Rongsheng is located in Ronggui Town, Shunde District, Foshan City, the economic center of the Zhujiang River Delta. Since the foundation in 1981, Rongsheng has become a well-known brand. All the goods are popular both at home and abroad.Our company enjoys abundant human, finance & material resources:* More than thousands of competent staff members, including about 300 overseas or domestic graduates with the honor of bachelor"s degree or above* Fixed assets of 50 million USD, building area of more than 50, 000 square meters * Annual production capability of 10 million units for domestic and overseas markets * More than 30 years of experience of metal processing (Stamping and punching)* More than 10 years of experience of OEM electrical appliances* Advantage of making tools in house and lower tooling cost* ETL, GS, CE, CB, LFGB, EMC, EMF, RoHS and REACH approvals by authorized international test labs.We are professional in the field. "Choose Rongsheng, you will be happy for lifetime" is our slogan!